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Cyber attacks cost banks $100 million

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A study by U.S.-based data security firm TrustWave Holdings Inc. found that cyber attacks have cost banks in Eastern Europe and former Soviet countries an estimated $100 million, Silicon reported. The attacks involved the use of "mules" who opened bank accounts using forged documents. Hackers obtained login credentials to the banks' restricted systems to lower risk ratings and increase overdraft limits up to $35,000. Thereafter a number of "mules" would simultaneously make cash withdrawals from the fraudulent accounts. Each cyber attack cost the banks $5 million on an average.

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